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Restructuring the balance sheets of Western governments, banks and households is an important issue in the recovery after the recent crisis. Chorafas' latest book focuses on sovereign debt, sovereign risk and the developing economic and financial business climate and explains why the year of the big crisis may fall in the middle of this decade.

Dimitris N. Chorafas served on the faculty of the Catholic University of America and as Visiting Professor at Washington State University, George Washington University, University of Vermont, University of Florida, and Georgia Institute of Technology in the United States, as well as the University of Alberta, Technical University of Ka...

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Table of Contents

PART I: FINANCIAL RISKS WHICH KEPT PILING UP The World's New Normal Economic System The Newly Poor The Salient Problem is Rights without Responsibilities PART II: LOOSE MONETARY AND FISCAL POLICIES LEAD TO THE DESTRUCTION OF WEALTH Japanification Conventional and Unconventional Weapons in a Central Bank's Arsenal Fiscal Policies, Spending Policies and Conflicting Aims Restructuring Sovereign Balance Sheets PART III: EUROLAND'S FINANCIAL INTEGRATION AND SOVEREIGN RISK Woes of Euroland's Financial Integration Sovereign Risk: Case Study on Greece Germany, France, Britain, Ireland and 'Club Med' PART IV: THE NEW NORMAL'S EFFECT ON THE WESTERN ECONOMY The North Atlantic Similarities are Greater Than You Think The Eu's Banking Industry and its Stress Testing The Global Systemic Risk has been Programmed for 2014